Microwave Heats Up Market Speed

In a business where milliseconds matter, three of the largest exchange operators are looking to join the race to beam data to traders via ultrafast microwave links.

CME Group Inc. and Nasdaq OMX Group Inc. are exploring a joint venture that would relay prices and other market information between New York and Chicago faster than existing underground fiber-optic cables, while NYSE Euronext is offering services to capitalize on demand...